Myanmar’s central bank has granted four new licences to foreign lenders following a second round of applications to broaden the country’s banking sector.

Yangon city center

Bank for Investment and Development of Vietnam, Taiwanese firm E.SUN Commercial Bank, South Korea’s Shinhan Bank and State Bank of India will each receive a licence, according to an announcement from the Central Bank’s Licensing Committee on March 4.

The preliminary approval is valid for 12 months, during which the successful applicants will have to fulfill commitments made in their answer to the request for proposals sent out in December, the announcement said. The four banks also have to ensure functional banking operations from day one of their branch opening, and comply with requirements laid down by the Central Bank. Read more